The Smart Manufacturing Platform Market is Projected to Grow from USD 4.4 Billion in 2019 to USD 10.8 Billion By 2024; It is Expected to Record a CAGR of 19.7%.
Smart manufacturing platform is associated with the concept of smart manufacturing or Industry 4.0 that enables companies to connect to Industrial Internet of Things (IIoT) emphasizing on collecting, analyzing, and making use of as much data as possible, turn data insights into direct action, and create competitive advantage. Smart manufacturing platform usually finds its usability for performance optimization, asset management, condition monitoring, predictive maintenance, etc. Smart manufacturing platform is an end to- end software framework that connects and collects data from any industrial assets and devices, processes and delivers them to different applications. Smart manufacturing platform facilitates communication, data flow, device management, and the functionality of applications.
Increase in the adoption of industrial automation and industry 4.0 solutions, support from governments of various countries for industrial automation, and increasing need for streamlined and automated data to enhance productivity are driving the growth of the smart manufacturing platform market. However, the lack of skilled IoT workforce and frequent software upgrade are the major factors that restrain the growth of the smart manufacturing platform market.
Growth in the adoption of IIoT and cloud technologies and different partnerships of platform providers with cloud service providers are expected to provide growth opportunities to the smart manufacturing platform market players during the forecast period. Moreover, complexity in the integration of this platform and security concerns due to wireless networking are the challenges for the smart manufacturing platform market.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview 5.1 Introduction 5.1.1 Drivers 5.1.1.1 Growth in Industrial Automation 5.1.1.2 Support From Governments for Industrial Automation 5.1.1.3 Increasing Need for Streamlined and Automated Data to Enhance Productivity 5.1.2 Restraints 5.1.2.1 Lack of Skilled IoT Workforce 5.1.2.2 Frequent Software Upgrade 5.1.3 Opportunities 5.1.3.1 Growth in Adoption of IIoT and Cloud Technologies 5.1.3.2 Partnership of Platform Providers With Cloud Service Providers 5.1.4 Challenges 5.1.4.1 Complexity in Integration of Smart Manufacturing Platform 5.1.4.2 Wireless Networking May Lead to Concerns Over Security
6 Smart Manufacturing Platform Market, By Type 6.1 Introduction 6.2 Device Management 6.2.1 Increasing Number of IoT Devices Requiring Device Management Platforms Driving the Growth of Market 6.3 Connectivity Management 6.3.1 Connectivity Management Platforms Ensure Connectivity of Devices 6.4 Application Enablement Platform 6.4.1 Market for Application Enablement Platform is Expected to Grow at Significant Rate
7 Smart Manufacturing Platform Market, By Application 7.1 Introduction 7.2 Performance Optimization 7.2.1 Increasing Need for Monitoring Operations and Production Processes Drives the Growth of Market 7.3 Asset and Condition Monitoring 7.3.1 Market is Driven By Increasing Need for Monitoring Equipment and Assets in Real Time 7.4 Others
8 Smart Manufacturing Platform Market, By Industry 8.1 Introduction 8.2 Process Industry 8.2.1 Oil & Gas 8.2.1.1 Oil & Gas is One of the Critical Industries for Smart Manufacturing Platform Market as It Requires Continuous Monitoring of Processes 8.2.2 Power & Energy 8.2.2.1 Power & Energy is the Fastest-Growing Process Industry for the Smart Manufacturing Platform Market as It Requires Optimum Utilization of Available Resources 8.2.3 Chemicals 8.2.3.1 Increasing Stringent Regulations Require the Adoption of Automated Solutions and Smart Tools Driving the Growth of Market 8.2.4 Pharmaceuticals 8.2.4.1 Automation Improves Compliance and Minimizes Deviations 8.2.5 Food & Beverages 8.2.5.1 Requirement to Reduce Operational Downtime and Manage Assets Creates Demand for the Smart Manufacturing Platform Market 8.2.6 Metals and Mining 8.2.6.1 Requirement of Optimum Production With Precise Control on Power Consumption in the Metal & Mining Industry Drives the Growth of the Smart Manufacturing Platform Market 8.2.7 Other 8.3 Discrete Industry 8.3.1 Automotive 8.3.1.1 Increasing Adoption of Advanced Technologies Such as Machine Vision, Collaborative Robots, and Artificial Intelligence Drives the Growth of Market 8.3.2 Electronics and Semiconductor 8.3.2.1 Intense Cost Pressure and Requirement of Faster Time-To-Market for Automation Technologies Drive the Growth of Market 8.3.3 Industrial Manufacturing 8.3.3.1 to Reduce Downtime and Enhance Operation Efficiency, Smart Manufacturing Platforms are Used 8.3.4 Medical Devices 8.3.4.1 Increasing Automation in Industry to Ensure Safety, Accuracy, and Regulatory Compliance Throughout the Production Process Drives the Growth of Market 8.3.5 Aerospace and Defense 8.3.5.1 Long Product Life Cycles and Regulatory Compliance Drive Demand for Automation Technologies 8.3.6 Others
9 Smart Manufacturing Platform Market, By Deployment Type 9.1 Introduction 9.2 Cloud 9.2.1 Advantages Offered By Cloud Deployment Include Greater Scalability, Cost Effectiveness, and Reliability, Driving the Growth of the Smart Manufacturing Platform Market 9.3 On-Premises 9.3.1 On-Premises Deployments Enable Complete Control Over Data
